XML 47 R36.htm IDEA: XBRL DOCUMENT
v3.10.0.1

Held for Sale and Discontinued Operations (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2018
Discontinued Operations and Disposal Groups [Abstract] |
Disposal Groups, Including Discontinued Operations | The following table presents the undistributed net earnings (losses) from continuing operations for the three months ended September 30, 2018 and 2017. See Note 16 — “Held for Sale and Discontinued Operations”.
|  | Three Months Ended |  | Nine Months Ended
|  | September 30, |  | September 30,
Millions |  | 2018 |  | 2017 |  | 2018 |  | 2017
Undistributed net income (losses) - continuing operations: |  |  |  |  |  |  |  |
Net income attributable to White Mountains’s common shareholders, net of restricted common share amounts |  | $ | 57.3 |  |  | $ | 22.7 |  |  | $ | 13.3 |  |  | $ | 31.1 |
Dividends declared net of restricted common share amounts (1) |  | — |  |  | — |  |  | (3.7 | ) |  | (4.5 | )
Total undistributed net losses, net of restricted common share amounts |  | $ | 57.3 |  |  | $ | 22.7 |  |  | $ | 9.6 |  |  | $ | 26.6 |
(1) Restricted shares issued by White Mountains receive dividends, and therefore, are considered participating securities. Net Income (Loss) from Discontinued Operations For the three and nine months ended September 30, 2018, White Mountains recognized net loss from sale of discontinued operations of $17.3 million and $17.2 million, which was primarily due to a tax contingency related to the sale of Sirius Group. See Note 15 — “Contingencies”. The following table presents the results of operations, including related income taxes, associated with the business classified as discontinued operations for the three and nine months ended September 30, 2017. The amounts presented relate to OneBeacon, Sirius Group, and Tranzact. The results of discontinued operations from Sirius Group and Tranzact up to the closing date of the transaction inured to White Mountains. Given the fixed price nature of the OneBeacon Transaction, OneBeacon’s results were economically transferred to the buyer at signing.
|  | Three Months Ended |  | Nine Months Ended
|  | September 30, 2017 |  | September 30, 2017
Millions |  | OneBeacon |  | Sirius Group |  | Total |  | OneBeacon |  | Sirius Group |  | Tranzact |  | Total
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |
Earned insurance premiums |  | $ | 268.4 |  |  | $ | — |  |  | $ | 268.4 |  |  | $ | 807.6 |  |  | $ | — |  |  | $ | — |  |  | $ | 807.6 |
Net investment income |  | 13.0 |  |  | — |  |  | 13.0 |  |  | 39.7 |  |  | — |  |  | — |  |  | 39.7 |
Net realized and unrealized gains |  | 11.5 |  |  | — |  |  | 11.5 |  |  | 38.8 |  |  | — |  |  | — |  |  | 38.8 |
Other revenue |  | 2.2 |  |  | — |  |  | 2.2 |  |  | 7.7 |  |  | — |  |  | — |  |  | 7.7 |
Total revenues |  | 295.1 |  |  | — |  |  | 295.1 |  |  | 893.8 |  |  | — |  |  | — |  |  | 893.8 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loss and loss adjustment expenses |  | 206.8 |  |  | — |  |  | 206.8 |  |  | 546.0 |  |  | — |  |  | — |  |  | 546.0 |
Insurance and reinsurance acquisition expenses |  | 51.9 |  |  | — |  |  | 51.9 |  |  | 145.6 |  |  | — |  |  | — |  |  | 145.6 |
Other underwriting expenses |  | 44.9 |  |  | — |  |  | 44.9 |  |  | 156.2 |  |  | — |  |  | — |  |  | 156.2 |
General and administrative expenses |  | 7.4 |  |  | — |  |  | 7.4 |  |  | 21.2 |  |  | — |  |  | — |  |  | 21.2 |
Interest expense |  | 3.4 |  |  | — |  |  | 3.4 |  |  | 10.0 |  |  | — |  |  | — |  |  | 10.0 |
Total expenses |  | 314.4 |  |  | — |  |  | 314.4 |  |  | 879.0 |  |  | — |  |  | — |  |  | 879.0 |
Pre-tax (loss) income |  | (19.3 | ) |  | — |  |  | (19.3 | ) |  | 14.8 |  |  | — |  |  | — |  |  | 14.8 |
Income tax benefit |  | 4.1 |  |  | — |  |  | 4.1 |  |  | 5.7 |  |  | — |  |  | — |  |  | 5.7 |
Net (loss) income from discontinued operations |  | (15.2 | ) |  | — |  |  | (15.2 | ) |  | 20.5 |  |  | — |  |  | — |  |  | 20.5 |
Net gain (loss) from sale of discontinued operations |  | 554.5 |  |  | (.2 | ) |  | 554.3 |  |  | 554.5 |  |  | (.8 | ) |  | (1.0 | ) |  | 552.7 |
Total income (loss) from discontinued operations |  | 539.3 |  |  | (.2 | ) |  | 539.1 |  |  | 575.0 |  |  | (.8 | ) |  | (1.0 | ) |  | 573.2 |
Change in foreign currency translation and other from discontinued operations |  | .1 |  |  | — |  |  | .1 |  |  | .3 |  |  | — |  |  | — |  |  | .3 |
Recognition of benefit plan assets and obligations from the sale of OneBeacon, net of tax |  | 2.9 |  |  | — |  |  | 2.9 |  |  | 2.9 |  |  | — |  |  | — |  |  | 2.9 |
Comprehensive income (loss) from discontinued operations |  | $ | 542.3 |  |  | $ | (.2 | ) |  | $ | 542.1 |  |  | $ | 578.2 |  |  | $ | (.8 | ) |  | $ | (1.0 | ) |  | $ | 576.4 |
Net Change in Cash from Discontinued Operations The following table presents the net change in cash, including income tax payments to national governments and interest paid associated with the business classified as discontinued operations:
|  | Nine Months Ended
|  | September 30,
Millions |  | 2018 |  | 2017
Net cash provided from (used for) operations |  | $ | — |  |  | $ | 157.0 |
Net cash (used for) provided from investing activities |  | — |  |  | 3.0 |
Net cash used for financing activities |  | — |  |  | (61.9 | )
Net change in cash during the period |  | — |  |  | 98.1 |
Cash balances at beginning of period |  | — |  |  | 70.5 |
Net change in cash held for sale, excluding discontinued operations |  | — |  |  | (.9 | )
Cash sold as part of sale of consolidated subsidiaries |  | — |  |  | 167.7 |
Cash balances at end of period |  | $ | — |  |  | $ | — |
Supplemental cash flows information: |  |  |  |
Interest paid |  | $ | — |  |  | $ | — |
Net income tax payment to national governments |  | $ | — |  |  | $ | — |
Earnings Per Share from Discontinued Operations White Mountains calculates earnings per share using the two-class method, which allocates earnings between common and unvested restricted common shares. Both classes of shares participate equally in earnings on a per share basis. Basic earnings per share amounts are based on the weighted average number of common shares outstanding adjusted for unvested restricted common shares. Diluted earnings per share amounts are also impacted by the net effect of potentially dilutive common shares outstanding. The following table presents the Company’s computation of earnings per share for discontinued operations for the three and nine months ended September 30, 2018 and 2017:
|  | Three Months Ended |  | Nine Months Ended
|  | September 30, |  | September 30,
|  | 2018 |  | 2017 |  | 2018 |  | 2017
Basic and diluted earnings per share numerators (in millions): |  |  |  |  |  |  |  |
Net income (loss) attributable to White Mountains’s common shareholders |  | $ | 40.8 |  |  | $ | 562.1 |  |  | $ | (3.7 | ) |  | $ | 604.7 |
Less total loss from continuing operations, net of tax |  | 58.1 |  |  | 23.0 |  |  | 13.5 |  |  | 31.5 |
Net income from discontinued operations attributable to White Mountains’s common shareholders |  | $ | (17.3 | ) |  | $ | 539.1 |  |  | $ | (17.2 | ) |  | $ | 573.2 |
Allocation of earnings to participating restricted common shares (1) |  | .2 |  |  | (6.7 | ) |  | .2 |  |  | (7.0 | )
Basic and diluted earnings per share numerators |  | $ | (17.1 | ) |  | $ | 532.4 |  |  | $ | (17.0 | ) |  | $ | 566.2 |
Basic earnings per share denominators (in thousands): |  |  |  |  |  |  |  |  |
Total average common shares outstanding during the period |  | 3,180.4 |  |  | 4,297.2 |  |  | 3,450.8 |  |  | 4,477.0 |
Average unvested restricted common shares (3) |  | (41.5 | ) |  | (53.7 | ) |  | (39.7 | ) |  | (54.5 | )
Basic earnings per share denominator |  | 3,138.9 |  |  | 4,243.5 |  |  | 3,411.1 |  |  | 4,422.5 |
Diluted earnings per share denominator (in thousands): |  |  |  |  |  |  |  |  |
Total average common shares outstanding during the period |  | 3,180.4 |  |  | 4,297.2 |  |  | 3,450.8 |  |  | 4,477.0 |
Average unvested restricted common shares (3) |  | (41.5 | ) |  | (53.7 | ) |  | (39.7 | ) |  | (54.5 | )
Diluted earnings per share denominator |  | 3,138.9 |  |  | 4,243.5 |  |  | 3,411.1 |  |  | 4,422.5 |
Basic and diluted earnings per share (in dollars) - discontinued operations: |  | $ | (5.44 | ) |  | $ | 125.45 |  |  | $ | (4.98 | ) |  | $ | 128.03 |
(1) Restricted shares issued by White Mountains contain dividend participation features, and therefore, are considered participating securities. (2) Net earnings attributable to White Mountains’s common shareholders, net of restricted share amounts, is equal to undistributed earnings for the three and nine months ended September 30, 2018 and 2017. (3) Restricted common shares outstanding vest either in equal annual installments or upon a stated date. See Note 10 — “Employee Share-Based Incentive Compensation Plans”.

X
- References No definition available. + Details
Name: | us-gaap_DiscontinuedOperationsAndDisposalGroupsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3A -URI http://asc.fasb.org/extlink&oid=109226691&loc=SL51724579-110230 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1474-107760 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5D -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721677-107760 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=109222160&loc=SL51721533-107759 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3A -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721659-107760 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721665-107760 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109226691&loc=d3e2941-110230 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5C -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721675-107760 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1361-107760 Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5A -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721671-107760 Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5B -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721673-107760 Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4A -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721663-107760 + Details
Name: | us-gaap_ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsIncomeStatementBalanceSheetAndAdditionalDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration